The oncology information systems (OIS) are specialized software applications which are meant to manage critical oncology and related business processes of healthcare organizations. OIS aids in maintaining proper documentation of patient health records, treatment plans, and schedules. It helps clinicians stay organized and informed about the diagnosis and treatment of cancer patients. The system offers functionalities like treatment Plans communication and summaries, clinical pathways and guidelines, tumor boards, and billing. It assists healthcare providers such as radiation oncologists, medical oncologists, surgical oncologists to deliver quality cancer care. The global oncology information systems market is estimated to be valued at US$ 8.19 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing adoption of advanced technologies such as big data analytics and artificial intelligence is expected to flourish the global oncology information systems market during the forecast period. For instance, AI is greatly assisting oncologists in detecting cancer at an early stage as it speeds up image analysis and diagnosis. It is also helping in precision medicine by offering personalized treatment options for cancer patients. Another major driver referred from the heading is the growing adoption of advanced technologies which is fueling market growth. Advanced technologies offer various advantages like big data analytics that can analyze volumes of patient data and provide actionable insights for better treatment decisions. It also helps in population health management and personalized care with predictive analytics capabilities.
Segment Analysis
The global oncology information systems market is dominated by the software sub-segment. This is because software forms an integral part of oncology information systems as it helps in the storage, management and analysis of cancer patient data. The software sub-segment accounted for nearly 60% share of the total market in 2023 due to its widespread adoption across hospitals, cancer care centers and research institutes for maintaining electronic health records of cancer patients.
PEST Analysis
Political: Governments across countries are increasingly focusing on cancer care to reduce disease burden. They are supporting adoption of oncology information systems through funding and favorable regulations.
Economic: Rising cancer incidence coupled with increasing healthcare spending is fueling demand for advanced oncology information systems from hospitals and cancer institutes to better manage large volume of patient data.
Social: Growing awareness about importance of electronic health records and its role in quality cancer treatment is a key driver for oncology information systems uptake.
Technological: Continuous innovations in IT solutions for handling complex cancer data along with integration of artificial intelligence and machine learning capabilities in oncology information systems are enhancing their utility.
Key Takeaways
The global oncology information systems market growth is expected to witness high growth in the coming years.
Regional Analysis: North America currently dominates the market owing to presence of advanced healthcare infrastructure and major players in the region. The Asia Pacific region is anticipated to be the fastest growing market for oncology information systems due to increasing healthcare expenditures, rising cancer incidence and growing medical tourism in the region.
Key players operating in the oncology information systems market are Merck & Co., Inc., Novartis AG, Amicus Therapeutics, AstraZeneca Plc, Boehringer Ingelheim, Shire Plc, Sanofi Genzyme, BioMarin Pharmaceutical, Inc., Horizon Pharma Plc, and GlaxoSmithKline Plc. These players are focusing on new product launches and enhancing their existing oncology information system offerings through partnerships and acquisitions to strengthen market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
